The implied growth rate for a country between 1960 and 2010 is 6%. This implies that:
A) the country needed to grow at an average rate of 6% per year between 1960 and 2010 to reach the 2010 level of GDP starting with the 1960 level.
B) the country needed to grow by at least 6% in any of the fifty years between 1960 to 2010 to reach the level of GDP in 2010 starting with the 1960 level.
C) the growth rate of GDP in the country was above 6% between 1960 to 1990 and above 6% between 1991 and 2010.
D) the country needed to grow at rates above 6% per year between 1960 and 2010 to reach the 2010 level of GDP starting from the 1960 level.
A
You might also like to view...
The aggregate demand curve slopes downward because households feel poorer after a decrease in the price level
a. True b. False Indicate whether the statement is true or false
Demand-pull inflation is more likely to occur when the economy is producing at maximum capacity
a. True b. False Indicate whether the statement is true or false
A common argument in favor of restricting trade
a. concerns the strategy of bargaining. b. is that efforts should be made to get new industries started. c. emphasizes the belief that all countries should play by the same rules. d. All of the above are correct.
The term ______ is used to describe the common pattern whereby each marginal unit of a consumed good provides less of an addition to utility than the previous unit.
A. marginal utility pattern B. marginal income utility C. diminishing marginal utility D. decreasing marginal utility